FINANCE

Citigroup to Cut 3,500 Tech Jobs in China as Foreign Financial Firms Streamline Operations

By Zhu Liangtao, Ding Feng and Denise Jia

Published: Jun. 6, 2025 3:41 a.m. GMT+8

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Signage at a Citibank branch in New York on Jan. 12, 2025. Photo: Bloomberg

Citigroup is to slash 3,500 technology jobs in China, a sweeping move that has drawn renewed attention to the retreat of foreign financial institutions from the world’s second-largest economy.

In a statement released Thursday, the American investment bank said it would streamline its global technology solutions centers in Shanghai and Dalian, cutting staff before the fourth quarter of 2025. The company is to scale down office space in both cities as well.

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Citigroup will cut 3,500 technology jobs in China by Q4 2025, streamlining global tech centers in Shanghai and Dalian.
The layoffs are part of Citigroup's broader strategy to optimize operations and align with its 2025 financial strategy.
Citigroup maintains its commitment to China, seeking regulatory approval for new operations and investing in its local business.

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Who’s Who

Citigroup: Citigroup plans to cut 3,500 tech jobs in China, streamlining operations in Shanghai and Dalian by Q4 2025. This move is part of broader efforts to optimize operations and reduce reliance on third-party contractors, despite growing profits in China. Citigroup remains committed to its Chinese business, focusing on corporate and institutional clients and seeking regulatory approval for wholly-owned securities and futures operations.

Citibank (China) Co. Ltd.: Citibank (China) Co. Ltd. is Citigroup's locally incorporated bank in China, headquartered in Shanghai. It will not be affected by the upcoming 3,500 tech job cuts. Citigroup remains committed to investing in its China business, including Citibank (China) Co. Ltd., to support local and multinational clients.

Citi Services and Technology (China) Ltd.: Citi Services and Technology (China) Ltd. is a Guangzhou-based tech unit of Citigroup, established in 2002. It operates global tech centers and delivers IT and operational services for Citi business units across over 20 countries. It will not be affected by the upcoming 3,500 job cuts in other Citi tech centers in China.

HSBC: The provided article mentions HSBC in the context of Citigroup's divestment from certain Chinese operations. Specifically, Citigroup sold its wealth management unit to HSBC for $3.6 billion by October 2023. Additionally, a newly appointed president of Citi China previously held a senior role at HSBC.

China Guangfa Bank Co. Ltd.: The article mentions China Guangfa Bank Co. Ltd. (not China Everbright Bank) as an institution where Citigroup has divested its holdings. Beyond this, no further details about China Guangfa Bank Co. Ltd. are provided.

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What Happened When

2019：: Citi withdrew from the joint venture Citi Orient Securities Co. Ltd. by selling its 33.33% stake.

April 2021：: Citi announced it was withdrawing from retail banking in 14 markets, including Chinese mainland.

October 2023：: Citi sold its wealth management unit to HSBC for $3.6 billion.

mid-2024：: Citi completed the closure of its credit card business.

As of early 2025：: Regulatory approval is still pending for Citi's standalone securities license application in China.

May 2025：: Citi informed hundreds of contract employees that their contracts — due to expire in May or June 2025 — would not be renewed.

May 23, 2025：: Citigroup Chairman John Dugan met with Chinese Vice Premier He Lifeng in Beijing and reiterated the bank’s commitment to expanding investment in China.